The sales pipeline review. Probably the one meeting that makes your sales reps sweat the most.
But its purpose is crucial: Keep deals moving through the funnel.
Perhaps you’ve just put on your new sales manager shoes, or perhaps the way you currently review your pipeline is broken. Regardless of your situation, in this post, we’ll cover the basics of how to structure your pipeline review meetings.
Let’s make sure your reps leave the pipeline review meeting with a winning funnel that’ll accelerate their sales cycle.
Sounds good? Here we go.
First things first: What’s a sales pipeline review? A sales pipeline is the visual representation of all the deals a sales rep is actively working on and trying to get to a close.
This could be in a spreadsheet, on a whiteboard, or in an inside sales CRM like Close.
Without a sales pipeline review, you will:
A pipeline review serves as both a training tool for your reps and as an evaluation tool to determine the current state of your sales.
If you do your sales pipeline reviews correctly, it should lead to more closed deals and increased revenue.
A sales pipeline review can come in many different formats. Based on the structure of your sales team, here are a few things to take into consideration:
You don’t have to have a set structure; trial and error is your friend. See what works for your team and your business, and adjust accordingly.
Now that you know the format, let’s tackle what should happen during the review.
First off, your rep should bring you up to speed by providing a summary of the deal.
The summary should include:
During that summary, you’re likely to discover one or more obstacles that’ll jeopardize the deal. That’s when the next stage comes in.
To determine the likelihood of the deal closing, you need to identify the obstacles to it.
Here’s what to look out for:
For most deals, you’ll have questions about missing information. If there are many things your rep doesn’t know about the prospect, it’ll be difficult to understand the likelihood of this deal closing.
Toward the end of the review, you should clearly know what needs to happen next to move the deal further along in the pipeline.
Action items could be:
You should know if the rep truly understands the prospect well enough to control the process and close the deal.
If you’re reviewing a deal and something urgently requires action, such as sending an email or making a call, don’t wait until the meeting is over—act immediately.
The sales rep can leave the room, do what needs to be done, and then return and continue to participate in the pipeline review.
Perhaps one of your reps is missing some crucial information. If this is something that happens repeatedly, then it’s a red flag. The rep is simply not doing a good enough job qualifying their prospects.
While it might be unpleasant, address this immediately.
The great thing is that when you coach an individual rep on something, the rest of the sales team can also learn from that experience.
Everyone on the team can gain knowledge and ideas that they can apply to their own deals to accelerate their sales cycle.
You want to do your pipeline reviews often enough to remember what happened in the last one. This gives you the opportunity to follow up on the action items created and hold your reps accountable.
Check-in on the most important deals and see how they have progressed since the last meeting. Ask for a full update on these before moving forward with the rest.
Every Monday, we do our weekly sales pipeline review at Close.
First, we look at the Opportunity Funnel report:
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This gives us an overall view of our current sales pipeline, including the current win rate, sales velocity, and where deals are converting higher or lower in the sales funnel.
Next, we use the Opportunities Pipeline page in Close to get a complete overview of active deals this week.
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On this page, we see the following information:
Depending on the size of the deal (value) or specific challenges that need to be addressed, we look at the individual Lead page to get more context around the deal.
Next, we go to the Lead page where we look at the entire interaction history.
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The Lead page gives us an instant overview of the deal and what’s happened so far.
Here, in a matter of seconds, we can see three red flags:
The more information provided on the lead page and its timeline, the better your understanding of the deal will be.
In this situation, we’d do two things:
In the next pipeline review, we’ll see if those action items have been accomplished.
Once your pipeline review has been completed, you should:
If you’ve accomplished the above, your sales pipeline review succeeded.
Next, look at your sales pipeline review process and think about how you can improve it.
Want to do your next sales pipeline review in Close? Try it for free for 14 days and see how it can help your sales process. Go ahead and start your trial today. (No credit card required.)